BOCA RATON, Fla., April 5, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Middle District of Florida on behalf of all individuals and institutional investors that purchased the securities of Pinnacle Holdings, Inc. ("Pinnacle" or the "Company") (Nasdaq:BIGT) between Jan. 18, 2000, and March 17, 2001, inclusive (the "Class Period").
The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's financial condition, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. Specifically, the Complaint alleges that throughout the Class Period, the Company repeatedly issued press releases highlighting the Company's increasing financial strength through its numerous acquisitions of wireless tower sites and its financial results. In August 2000, as alleged in the Complaint, Pinnacle revealed that the Securities and Exchange Commission ("SEC") was investigating the independence of its accounting firm, PriceWaterhouse Coopers, and also revealed that the SEC was investigating the Company's accounting for certain aspects of its recent acquisition of certain assets from Motorola, Inc. The Company, however, stated that its publicly issued financial statements were, at all times, prepared in complete conformity with generally accepted accounting principles. The Company further stated that the SEC investigation was nothing more than a "political" issue to further the SEC's new provision dealing with accountant independence. Then on March 17, 2001, Pinnacle issued a press release that shocked investors by announcing that the Company's previously issued financial statements for the fiscal year ended Dec. 31, 1999, and its quarterly reports for the three months ended Sept. 30, 1999, March 31, 2000, June 30, 2000, and Sept. 30, 2000, would have to be revised. Defendants also disclosed that the restatements would be necessary to properly account for the Motorola acquisition. On March 19, 2001, Pinnacle stock traded at slightly below $9 per share, an 88% decline from its Class Period high of $75.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by May 22, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.
CAULEY GELLER BOWMAN & COATES, LLP Sue Null, Charlie Gastineau or Jackie Addison Toll Free: (888) 551-9944 E-mail: info@classlawyer.com